Corebridge Financial, Inc. (NYSE:CRBG) Shares Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Corebridge Financial, Inc. by 19.0%, now totaling 215,449 shares valued at approximately $6.8 million.
• Corebridge Financial received several upgrades from analysts, with UBS raising its target price from $28.00 to $37.00, resulting in a consensus rating of "Moderate Buy" and an average target price of $40.70.
• A major shareholder, International Group American, sold 30 million shares at an average price of $33.65, reducing their ownership by over 26% and bringing the value of their remaining shares to approximately $2.8 billion.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 19.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 215,449 shares of the company's stock after acquiring an additional 34,413 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in Corebridge Financial were worth $6,802,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its stake in shares of Corebridge Financial by 14.7% in the first quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company's stock valued at $42,399,000 after purchasing an additional 172,475 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Corebridge Financial by 227.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock valued at $46,045,000 after acquiring an additional 1,013,259 shares during the period. Truist Financial Corp lifted its position in shares of Corebridge Financial by 2,686.2% during the 1st quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock valued at $49,109,000 after acquiring an additional 1,499,733 shares during the period. Merit Financial Group LLC purchased a new stake in shares of Corebridge Financial during the 1st quarter worth approximately $832,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Corebridge Financial by 88.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,872 shares of the company's stock worth $2,899,000 after acquiring an additional 45,363 shares during the period. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Stock Down 1.3%

CRBG stock traded down $0.45 during trading on Friday, reaching $33.79. The stock had a trading volume of 2,900,525 shares, compared to its average volume of 4,595,301. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $18.20 billion, a P/E ratio of -55.39, a PEG ratio of 0.58 and a beta of 1.06. The firm has a fifty day moving average price of $34.28 and a 200 day moving average price of $32.39.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.21. The company had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%. During the same period in the previous year, the business earned $1.13 EPS. On average, equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is currently -157.38%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CRBG. Piper Sandler upped their target price on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. BMO Capital Markets increased their target price on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, June 27th. Morgan Stanley raised their price target on Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Wells Fargo & Company upped their price objective on Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. Finally, Barclays upped their target price on shares of Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Corebridge Financial has a consensus rating of "Moderate Buy" and a consensus target price of $40.70.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the completion of the transaction, the insider directly owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This trade represents a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.29% of the stock is currently owned by corporate insiders.

Corebridge Financial Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.